With a possibility of a PPI June 2019 deadline looming large,
the writing may finally be on the wall for PPI compensation claims.
However, we will be working hard to make sure that everyone who has
a claim, has the information and help they need to make one… and
well before the deadline!
But, you probably still have some searching questions.
Surely, there cannot be many more PPI compensation claims to be
made?
You would think that after all these years, and the relentless
marketing of some claim management companies, that there can be no
one left in the country who has not made a claim for PPI
compensation.
According to the Professional Financial Claims Association,
their calculations show that only half of the sums paid out
represent refunded payments. In the total bill, a portion is the
actual compensation, as well as 8% interest and administration fees
for processing the claim.
MoneySavingExpert.com say that the Financial Ombudsman Service
is still upholding 70% of complaints relating to PPI in favour of
the customer. This means that banks are still rejecting claims.
Thus, say the experts, this all adds up to banks facing more claims
in the coming years and months.
So, it's just PPI compensation from now on? No more
twists?
There could be another lurking in the wings and that is the
fallout from the Plevin Vs. Paragon case. Susan Plevin argued that
if she had known 72% of the £5,780 premium she was paying for the
PPI policy was commission, she would have questioned the cost of
the policy. She argued her case under the 1974 Consumer Credit Act
that by not disclosing commission, it was an unfair sale.
The court agreed. This may mean customers could be entitled to
more compensation if the court agrees that other customers by not
having commission disclose to them, means that their sales were
also unfairly conducted.
How much can I claim in PPI compensation?
The average is about £2,000 although there is one example of an
£82,000 PPI compensation payment and another of £65,000. It depends
on how many PPI policies you have, how long you had them and the
way in which PPI premiums were calculated.
Lloyds Banking Group say they are dealing with less claims each
week. This must mean that PPI claims are coming to a close?
Lloyds Banking Group are the biggest banking group in the UK,
therefore they have the biggest compensation bill. They are
receiving less claims per week, but they are still processing a
staggering 6,700 cases a week.
With the imposition of a PPI deadline, this could sky-rocket
once again.
Can I make a claim now?
Yes, you can and you can ask Payment Protection Scotland to help
you. Call us now!